All About Rental Real Estate & Vacation Rentals

[KarenL]

You’re in great company if you’re thinking about joining the rapidly expanding group of real estate investors. Whether you want the adventure of becoming a full-time landlord or simply looking to make a little extra cash by renting out a room - or your entire home for short periods of time, it’s good to get started with the best information possible. The resources below are fantastic guides and articles to ensure you’ve got what you need to get started - or keep going (if you already started) while maximizing your deductions!

• 10 Tax Tips for Airbnb, HomeAway & VRBO Vacation Rentals - Great tips and advice for short-term rentals, including the “14-day rule”. 
• Video: Tax Tips When Renting Out Your Home on Airbnb, FlipKey & Others - If you prefer video - with few quick tips!
• Who Pays the Transient Occupancy Tax? - Learn what it is and who must pay for it on short-term rentals.
• Rental Real Estate and Taxes - This one touches on pretty much everything regarding rental real estate.
• What Is a Schedule E IRS Form? Read this! It’s the form used to report most rental real estate.
• Rental Property Deductions You Can Take at Tax Time - Yes, it’s a good one! It’s essentially a list of common deductions! 
• Tax Deductions for Rental Property Depreciation - Depreciation is a good one to learn about! Big deductions and if you don’t use it, it might bite you later.
• Cost Basis: Tracking Your Tax Basis - This one is a good supplement to the one above. Check it out!
• Tax Law for Selling Real Estate - Take a peek if you’re thinking of selling!

BONUS:
Rental Property - This one includes links for unusual situations such as foreclosures, 1031 Exchanges, Farm Rentals, Depreciation Recapture, and much more!

If you need tax advice or have questions that aren't answered in the links above, please ask in our Taxes forum that best fits your needs!